USD.JPY

[arco]

Mentioned on 7/6...
"expecting some support to come in circa 10625"

Reversal off low of 10647, which was pretty close, and that
means circa 350 pips potential profit has already slipped by.

Be prepared in the short/medium term as Major Gann could
be lurking not too far above ready to maul the unwary. [B)]

As far as the wave count goes. I'm no expert, but I
see JPY as being on W5 of 5. (Count started 17/1).

For longer term players it certainly looks to be north-bound.

FLY ME TO THE MOON lyrics are by FRANK SINATRA.
......I guess not alot of people know that [:0]

[Xerof]

I stand corrected Arco - I should have checked the facts but knew it was one of those ol' crooners.

quote:"Come on Mr Williams - back to the home..."

And yes I can see your longer term count.

Major Gann is fighting on a lot of fronts at the moment - might need to call up the reinforcements? Dollar holding a bit of sway so far this week IMV

Xerof

[arco]

Hi Xerof

Just spotted this from Daily FX Research Team 28th June 2005

USD/JPY -Japanese Yen remains in a limbo as the pair continues to float above the 109.00 figure, with the latest move by the dollar longs pushing the yen toward the 109.50 mark. A breakout above the 2005 high will most likely see the yen traders retreat above the psychologically important 110.00 handle, with dollar longs aiming at 115.00 as their next big target.. Indicators signal trend reversal, with ADX (DMI) dropping to 26.46. Stochastic is treading below the overbought line on the daily chart at 71.47 with Stochastic on the 4-hour chart also slightly below the overbought line at 76.54, thus providing yen bulls with a chance to mount a counterattack. RSI is neutral at 58.68 on the daily chart, with dealer (4HR) chart also neutral at 57.97. MACD is treading flatly above the zero line on the daily chart, while the MACD on the (4HR) chart is pointing upward above the zero line.

PS. Yes Major Gann is very busy with his boys. [:I]

[slam]

quote:Originally posted by arco




As far as the wave count goes. I'm no expert, but I
see JPY as being on W5 of 5. (Count started 17/1).

arco
In this instance wave 4 crosses wave 1
so on that count, it can't be a 5

[arco]

Hi Slam

Normally yes, but occasionally there
can be a 'Leading Diagonal' (just to
confuse the issue [V]).

Diagonal Triangle (Leading) -
A wedge shaped pattern containing
overlap that occurs only in first or
A waves. Subdivides 5-3-5-3-5.

As I say, I'm not an EW expert, however its
always a possibility along with other ideas.

Can you post a chart with you EW count for discussion.

Regards
arco

[arco]

Slam

Just looking at some EW rules.

Havent had time to evaluate them re
the JPY as yet.

Diagonal Triangle Type 1

Wave Type: Impulsive
Frequency of Occurrence: Infrequent

Rules:

Wave 1 can be any corrective wave except a Triangle
Wave 2 can be any corrective wave
Wave 3 can be any corrective wave except a Triangle
Wave 4 can be any corrective wave
Wave 5 can be any corrective wave
Wave 2 must not more than retrace wave 1
Wave 3 must be longer than wave 2 by price distance
Wave 3 must not be the shortest by price distance when compared with wave 1 and wave 5.
The 5th wave must be at least 38.2% the length of wave 4 by price distance
Moves within two channel lines, one that connects the end points of waves 1 and 3, and the other that connects the end points of waves 2 and 4. In rare cases the price may move outside these points by up to 15% of the price distance covered by the pattern
Waves 2 and 4 must overlap or be within 10% of overlapping in price territory.
Wave 5 is never the longest by price distance when compared with wave 1 and wave 3.
The intersection of the two channel lines must be beyond the end of the pattern.
The two channel lines must either converge or diverge. They cannot be parallel. They must slope in the same direction and neither may be horizontal.
Guidelines:
Waves 2 and 4 are both at least a 23.6% retracement of the previous wave. Each point within the wave is considered.
The end points of wave 1 and wave 4 nearly always overlap.
Diagonals nearly always converge. Diverging diagonals are very uncommon.
Waves 2 and 4 should alternate sharp with sideways (Zigzag based pattern with a non-Zigzag based pattern).
Wave 2 is often a sharp correction, while wave 4 is often a sideways correction.
It is typical for wave 5 to poke through the channel line.
Diagonal Triangles are infrequent.
A 5th wave should be at least 61.8% of wave 4 by price distance.
Wave 2 is rarely a Triangle.
It is uncommon for wave 4 or wave 5 to be a Triangle.


Diagonal Triangle Type 2

Wave Type: Impulsive
Frequency of Occurrence: Very Uncommon

Rules:

Wave 1 must be an Impulse
Wave 2 can be any corrective pattern.
Wave 3 must be an Impulse.
Wave 4 can be any corrective pattern.
Wave 5 can be any Impulsive pattern.
Wave 2 must not more than retrace wave 1.
This pattern only occurs in a rising market. (A bear market rally).
Wave 3 must be longer than wave 2 by price distance.
Wave 3 must not be the shortest wave when compared to the price distance of wave 1 and wave 5.
Wave 5 must be at least 38.2% the length of wave 4 by price distance.
The pattern must move within two channel lines drawn from the end points of waves 1 and 3, and from the end points of waves 2 and 4. The maximum movement outside these channel lines is 15% of the price distance covered by the pattern.
Waves 2 and 4 must either share some common price territory or be within 10% of doing so.
Wave 5 is never the longest when compared to wave 1 and wave 3.
The intersection of the two channel lines must be beyond the end of the pattern
The two channel lines must either converge or diverge. They cannot be parallel. They must slope in the same direction and neither may be horizontal
Guidelines:
Generally wave 2 and 4 are both at least 23.6% of the previous wave by price distance. Each point within the wave is considered.
The end points of waves 1 and 4 generally overlap.
Diagonal Triangles nearly always converge. Diverging Diagonal Triangles are very uncommon.
Waves 2 and 4 should alternate sharp with sideways (Zigzag based pattern with a non-Zigzag based pattern).
Wave 2 is most often a sharp correction, while wave 4 is often a sideways correction.
It is typical for wave 5 to poke through the channel line.
Diagonal Triangle Type 2 is a very rare pattern.
Wave 5 should be at least 61% of wave 4 by price distance.
Wave 2 is rarely a Triangle.
It is uncommon for wave 4 or wave 5 to be a Triangle.

More homework

[slam]

arco
[:I][:I][:I]
as you say, more homework

Cheers
Slam

[miner]

Slow day so Slam see the shooting star that we got on the 5min(also lined up with a few things on the 15min) and eur/jpy gone same way,so confirm each other,now maybe doing a double bottom,so it did the come back to test thing(eur/jpy).

The above for trading,although sometimes it keeps you in.

Just thought as we talked about it so...

Cheers
Miner

[miner]

Could be a short going by the other 3?.

[miner]

Got stopped on this short by a pip while power was out,80 odd pips in it, bugger.